In retirement, certificates of deposit (CDs) can be a relatively reliable way to help grow your money. But bank CD rates can vary greatly, so it's important to compare rates from several financial institutions before you decide where to put your funds.
In general, the longer the CD term length, the higher the interest rate available. Keep in mind that some banks may require you to maintain a large minimum balance in order to receive their best rates. But with Ally Bank, we make great rates available to everyone — with no minimum opening deposit requirements.
We're an online bank, so you can bank with us online or by phone. Because we don't have the overhead costs that come with physical branches, we're able to pass savings on to customers in the form of great rates. For example, High Yield bank CD rates from Ally Bank are frequently among the most competitive in the country. Our High Yield CD was even named one of MONEY® Magazine's "100 Best Money Moves" for 2011 (MONEY®, May, 2011 ©Time, Inc).
Let's go over a few other important features of Ally Bank CDs and services:
- A full line of CDs — from our High Yield CDs, with a variety of terms and great rates, to our flexible No Penalty CDs and customer-friendly Raise Your Rate CDs, you're sure to find an account that helps you reach your goals in your way.
- Daily Compounding Interest — With our CDs, interest is compounded daily to help your money grow even faster. (Some banks compound monthly, quarterly or even annually.)
- Security — Deposits in our CDs are insured by the FDIC up to the maximum allowed by law.
- Amazing Customer Experience — we take pride in offering an easy-to-use website and friendly, live customer service that's available 24/7. So you can always get the help you need or find what you're looking for.
Look beyond traditional bank CD rates and find stable, competitive options with Ally Bank. Learn more by calling 877-247-ALLY (2559), or visit Allybank.com to chat with live customer service.